section 14A
This query is : Resolved
02 August 2010
To disallow expenses which are incurred to earn exempt income.
02 August 2010
Fully agree with Shri Aditya.
The basic concept behind this section is that when a person claims expenditure in the profit of loss account which includes both incomes one liable to tax and second one exempt; then -
If expenses are relating to earn exempted income then these expenses should not be allowed from the income which is liable to tax.
(This is just an elaboration of the answer given by Shri Aditya).
The basic concept behind this section is that when a person claims expenditure in the profit of loss account which includes both incomes one liable to tax and second one exempt; then -
If expenses are relating to earn exempted income then these expenses should not be allowed from the income which is liable to tax.
(This is just an elaboration of the answer given by Shri Aditya).
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